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What you need to know about selling a house without probate? Here is a closer look at probate process and how it works. How you can sell a house before probate and how Affidavit of Heirship, Small Estate Affidavit and Judicial Determination of Heirship work.
Probate has several meanings, the term relevant to this article outlines a method of administrating a property after you die. Probate is used to transfer your property in an orderly manner while protecting interests of relevant individuals.
Short answer is a Yes! The will determines transfer of an estate during probate. Without a will, the transfer is decided by the laws of each state. Here are 7 ways you can avoid probate and sell your house fast.
Selling a house without probate may be a little easier than many may know.
A licensed Realtor may tell you that your house cannot be sold unless it is probated which is not accurate.
SFgate highlights 4 methods of selling a house without probate:
If you’re lucky enough and the decedent placed his property in a living trust, you will avoid probate. If you are named as a trustee, you are able to sell the house without probate court approval.
Jointly Held Real Estate
In California, joint tenancy is free of probate. If you are the executor and the co-owner of the property, you are also free of probate and have full authority after solo ownership.
Independent Administration of Estates Act
Independent Administration of Estates Act doesn’t really avoid probate, at least not completely. Instead, you are able to avoid probate under specific circumstances. 90% rule applies – as the executor, you can sell the house for at least 90% of its value. However, you must give notice to those interested in the property and get an approval from the court. This is bypassed if the deceased clearly states that you are solely responsible for the property after his or hers death.
Properties of a smaller or limited value can be appraised and filed for a smaller affidavit instead. Depending on the state, these values may differ.
Here are three more ways you can sell a house without probate in Texas.
Affidavit of Heirship, Small Estate Affidavit and Judicial Determination of Heirship
You can use Affidavit of Heirship when your loved one died and didn’t leave a will, however, you are still left with a property.
In the case of no will, the probate is not needed. Just file the Affidavit of Heirship and sell your house FAST.
The Affidavit of Heirship requires two witnesses who must swear under Oath. The two witnesses must:
The Small Estate Affidavit is filed in the same country in which the Decedent resided during the time of their death.
Along with the same information as was stated in the Affidavit of Heirship, the witness must also provide signatures of all heirs and two objective witnesses.
Please note that this option will only avoid probate if the property value is less than $50,000.
If the deceased hasn’t left a will, Judicial Determination of Heirship can also be applied. In this case, the court acts in charge and determines the heirs, which can often resolve in a distribution of the property among these heirs.
Out of the three options, the Judicial Determination of Heirship is the most time-consuming and the most expensive. You will have to file an application with the Probate Court, the Court will appoint an attorney who will investigate the identity of the heirs and schedule a hearing once the procedure was done.
When someone dies without leaving a Will, the Court can conduct a formal Determination of Heirship. During this process, the Court will make a formal declaration as to the identity of the Decedent’s heirs. Pursuant to that declaration of the heirs, the Decedent’s property can be divided and distributed among the heirs.
Turbo Buys Houses, located in Dallas Fort Worth, will give you a cash offer on your property in less than 24 hours of making a request. As a bonus point, your property can be sold in less than a week.
We buy houses in the Dallas Fort Worth area. If you need to sell your Dallas Fort Worth area house fast and would like to get a no-obligation cash offer, call us now at 469-666-7128. Whether you decide to sell your house to us or not, Turbo Buys Houses would like to help answer questions you might have about the process.
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